Hoboken, NJ, January 22, 2016 - We have broken new ground in the New Jersey real estate market. In December 2015, Jeremy Canizares of Liberty Realty sold the highest priced condo ever in state. 216 Bloomfield Street Unit A in Hobo-ken, "The Gemini," closed for $ 3.3 million after only 37 days on the market and with multiple offers.
The one-of-a-kind boutique property was appointed with stunning high-end finishes throughout. While New Jersey's "Gold Coast" real estate market has been hot, this sale has set a new standard.
According to the Otteau Valuation Group, a real estate appraisal and valuation company, the sale of 216 Bloomfield Street Unit A for $ 3.3 million, was the highest ever for a condominium sold in New Jersey. The previous record of $ 3 million was set in 2009 in Cape May County. Recently, that record was tied by another Hoboken sale, which closed in the fourth quarter of 2015 for $ 3 million. The sale of Unit A at The Gemini however, surpassed both of those marks by 10%, making its sale even more impressive.
The concept for the two-unit project, developed by Gary Mezzatesta and Nick Petruzelli of the Taurasi Group, in conjunction with architectural firm of Minervini Vandermark, was to appeal to the premium buyer of family housing in Hoboken. The size and scale of The Gemini units transcend the traditional condo market and are comparable to many single-family houses in and out of Hoboken. Each multi-level home at The Gemini has four bedrooms and offers something most coveted in Hoboken: two-car-garage-parking. "With trends showing more people want to live and raise their families closer to the city, demand for larger high-end homes in urban areas is very strong," said Canizares. Giving justification to this is the multiple offers received on the home.
The developers are thrilled with the results of the sale, as well as the speed at which it happened. "We contribute much of our success to the sage advice and hard work of Liberty Realty and Jeremy Canizares," said Mezzatesta. However, breaking the sales record was no surprise to the developer of The Gemini, who thinks that prices will continue to increase. "The Gemini's success is further proof that there is a market for premium family housing in Hoboken. We are confident we are just seeing the tip of the iceberg in this trend," said Mezzatesta. He also anticipates the sale of Unit B to be in line with Unit A, saying, "We expect to see a bidding war on the second unit as well."
When Liberty Realty President, Joseph Covello, was asked about the sale, he said, "While the record price itself was impressive, it was also an outstanding job of marketing the property by our agent Jeremy Canizares. His hard work and expertise resulted in the property being sold in just 37 days." Although this milestone was different, Covello is used to breaking records. Liberty Realty has been the number one real estate company in Hudson County from 2010-2014.
The Gemini's sale also created a new real estate environment for banks, lenders and appraisers in Hoboken and New Jersey as well. Baret Kechian of Mortgage Masters notes, "This sale will change the financing landscape for all new construction type condos, especially in smaller projects by setting the bar so-high for comparables. An appraiser will have this sale as reference in order to support prices for other large luxury condos in town, making it much easier for borrowers to get mortgages." The sale allows banks to lend money more easily on higher priced homes, now that they have higher metrics as a reference.
Is this the end of the record breaking trend for a while, or will we see another sale break The Gemini's mark anytime soon. we will have to wait to find out. As for now, Liberty Realty is focused on selling Unit B, which is available for $ 3.2 million.
1 Marine View Plaza Hoboken, NJ 07030